Summer is over and L'Ambiance is busy again as most of our residents return from the North.  L'Ambiance began the season with a "Welcome Back" party at the clubhouse.   Pelican Bay and L'Ambiance is still the best place to be.  Let's take a walk and check out the sights (below).  The weather is perfect.

November 11, 2007

Dear Neighbors,

The site of empty car carriers is becoming common the last couple of weeks.  Traffic has also increased.  Our snowbirds are returning to Naples!

This summer produced a very quiet real estate market.  Since August 5^th, there has only been eight pending low rise sales in Pelican Bay.  We have only had 7 closed sales since that time.

In doing the statistics this time, I decided to include all the unsold units because I wanted to see a larger picture of what is failing to sell.  The Unsold/Expired category now includes all the terminated and withdrawn listings.  Many times if a unit fails to sell the listing agent will terminate the current MLS number and then re list the unit under a different MLS number with the lower price.  Since January 1^st , there have been 248 price changes for low rises in Pelican Bay.

When I included the terminated and withdrawn listings, the percentage of unsold properties was startling.  As of today, 70% of all the low rise listings are failing to sell.  The average asking price of these listings is $624,313.00.  In L’Ambiance, 69% of all listings are failing to sell.  The average asking price of the L’Ambiance unsold listings is $772,955.00.

These percentages are troubling.  If we look at the average low rise asking price, it is about $1,000.00 HIGHER than the average unsold price.  If we compare L’Ambiance’s numbers for the average asking price it is about a $45,000.00 LESS than the average unsold price.  This would indicate that L’Ambiance asking prices are trying to adjust to the market.

Let’s take a look at low rise units in Pelican Bay by price range.  Of the 102 active listings there are currently 21 active listings between 450,000.00-499,999.00 with an average market time of 189 days.  Listings between $500,000.00-$549,999.00 have an average market time of 219 days, while listings between $550,000.00 - $599,999.00 have an average market time of 224 days. 

What is the market time for low rise units that are NOT selling?  Of the 125 properties that failed to sell, 26 of them were between $550,000.00 - $599,999.00 with an average market time of 226 days.

What has been selling?  Of the 52 low rise closed sales, 23 of them were under $549,999.00 with an average market time of 151 days on the market.  This shows us that 44.23% of the low rise market is under $549,999.00.  The closed sales indicate that if your current listing price is over $549,999.00 you will have a longer marketing time.

Of the 52 closed sales we have had so for this year, 33.4% of all 3 bedroom low rise units in Pelican Bay have sold versus only 17% of the 2 bedroom units.  83% of all the 2 bedrooms units in Pelican Bay are failing to sell, while 70% of all low rise listing are failing to sell.  Of the 102 active low rise units on the market currently, 40% of those listings are 2 bedroom units with an average asking price of $520,344.00.

The average sales price of a 3 bedroom low rise in Pelican Bay is $589,840.00.  The average asking price of a 3 bedroom low rise in Pelican Bay is $666,489.00.  The average price of a 3 bedroom that is not selling is $671,091.00. 

Hopefully I have not bored you will all these statistics.  It appears to me that the market is still trying to adjust.  I am looking forward to seeing what this season will bring.  The Euro is still strong against the dollar, while the Canadian dollar is on par with ours.  There are tons of baby boomers that still could enter this market.  All these factors could help the market here in Pelican Bay.  Keep in mind that while all of Naples has an inventory that could last for 31 months, low rises in Pelican Bay have an inventory that could last 19 months.  This places Pelican Bay in a stronger position then the general Naples market.

 If a move does enter into your future, please keep me in mind.  I’ll be happy to help you sell your home.  As always, should you have any real estate questions or have family or friends that need real estate help, please don’t hesitate to call or E-mail me at Lynn@NaplesBuys.com.

<-- Click here to have Pelican Bay or Naples available properties automatically emailed to you.  It's free !!!
 

The last L'Ambiance board meeting was held on October 18, 2007.   The L'Ambiance budget is on the agenda again as we near the end of the year.

Pelican Bay Foundation fees have increased by 15% over last year.  One third of the fee increase is for cable TV.  The Foundation also has passed a special assessment of $1500 payable in $500 installments due in January 2008, 2009 and 2010.  The reasons for these increases have been discussed in detail in the Pelican Bay Post and at the most resent Foundation Board meetings.   These reasons include beach restaurant improvements,  GPS on beach tram service, more parking at the Hammock Oak Community Center just to name a few.  These $500 installments will be assessed as a separate item from the normal quarterly assessment.

A major topic in the L'Ambiance budget has been insurance.  The 20-30 % projected insurance rate hikes have been modified favorably with new renewal quotations from Gulfshore Insurance (the insurance carrier for L'Ambiance).  The board approved  combining the five existing “Umbrella” policies, taking the $15 Million limit for each of the Associations into a $50 million dollar policy.  In this manner a savings of $6,000 can be made over the prior year's policy costs.  This was very good news and unexpected.   

We also hope to obtain "wind mitigation credits" with Gulfshore Insurance.    L'Ambiance hired a wind mitigation contractor to inspect all 25 buildings and select upper unit roof structures.

This study was requested to confirm the conditions of construction both general structure and roofing in order to obtain potential insurance discounts for the wind portion of our insurance policies.   You as a unit owner may also be entitled to credits on your insurance policy.   There is no guarantee of this, but it will be worth an attempt to mail a copy of the wind mitigation inspection form to your insurance agent to see if a policy discount is possible.   A copy of your building report will be made available through Eagle Property Management.

Despite the good news on insurance costs, our quarterly maintenance fees most likely will increase again next year largely due to increases in utility bills, Pelican Bay foundation fees and the need for increase funding of L'Ambiance Commons reserves.

We love the way our landscaping looks.  The is largely due to efforts of Molly Moffatt who has been working closely with our new landscaper Renfroe and Jackson.   The annual flower planting and mulching will be taking place soon.  The tall Washingtonian Palms have been removed and our scheduled tree trimming is completed for the year.   The board may consider replacing some of the Eugenia that disguises A/C compressors in the Garden Homes where visible from the street.

The waterscape pumps have been replaced and most are working.   We still have a little work to do here and hope to be able to do a better job on waterscape rock cleaning.  Our service people have done a much better job at keeping the weed/algae level down in our lake and waterscape systems this year.

L'Ambiance social season is upon us.  Prepare to party!  November 11th was our "Welcome Back" party at the L'Ambiance Clubhouse.  Watch for our  "Toys for Tots" Party in December.  This year bring a toy for an 11 to 14 year old child  (ie. football, soccer ball, basketball, mp3 player ... something not too expensive so it is less likely of getting stolen).

Bob Martinez, our resident manager,  is responsible for maintenance, cleaning and general supervision of the Associations Clubhouse, pool area and specific duties related to the L’Ambiance community.  He reports solely to the Property Manager (John Blanchard).  When requested the supervisor will be available to help resolve complaints; attend meetings; prepare clubhouse for meetings and rentals and more generally, to perform any other similar duties as requested by the Property Manager or the Chairman of the Association Board.  He is not to be used for personal requests by unit owners for work on their units.

Again please call John Blanchard about any special request or concerns. Eagle Property Management's phone number is (239) 596-5567 or click on the left on "Contact Property Management" to contact "JB" by email.